Property management is an act where a property owner hires a person or a party to manage his/her property or properties. In this situation, the hired manager is responsible for maintenance of the property as well as its leasing, listing and selling process. A contract thus made between the owner of a property and a property manager is known as a property management service contract.
Any contract of this nature authorizes the property manager to fulfill all his/her duties in accordance with the owner and perform renting and collecting rent related tasks as well. The contract also makes it compulsory for the owner or client to pay the manager on time and the complete due amount.
A property management service contract is in the form of a written document that records all that has been discussed between the parties. The contract must begin by stating the effective length of contract i.e. the commencement and the termination date. It must also give the names and contact details of the client and the manager so that they can be used for legal purposes.
The terms and conditions must define the roles and responsibilities of the parties and should also give the various implications of violation of the contract.